AEW divests North Sydney office

Also today we are reporting Cromwell sold a Penrith office for a premium.

AEW Capital has sold a North Sydney office after five years and a renovation.

The 14 storey, 6964 square metre building at 54 Miller Street is believed to be trading for over $70 million.

It paid $59.4m.

The revamp is speculated to have cost another $19.5m

About 80 per cent of the space is occupied.

There are also 66 car parks.

The site spreads 1012 sqm.

CBRE’s James Parry and Kenny Duncanson with Knight Frank’s Dominic Ong were the agents, closing an expressions of interest campaign in June (story continues below).

Fortinet has just bought a McMahons Point office (marked) to occupy.

The deal comes 18 months since Boston based AEW sold a Pyrmont office for $185m, reflecting a 4.25pc return, to Elanor Investors Group.

AEW paid UBS Asset Management $143m – a 4.87pc return – for that property, 145 Harris St, in 2018.

Another suburban office deal

Also today we are reporting Cromwell sold a Penrith commercial investment to Sandran for a speculated $48m.

In North Sydney meanwhile, cyber security group Fortinet has purchased an office to occupy, outlaying c$60m.

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Marc Pallisco

A former property analyst and print journalist, Marc is the publisher of